ePharmacy Market demand is boosted by The Improved Access to Online and Web-Based Services

San Francisco, Calif., USA, Mar 01, 2023 — /EPR Network/ —

ePharmacy Industry Overview

The global ePharmacy market size was valued at USD 52.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.5% from 2022 to 2030. Rising penetration of the internet across the globe, improving digitalization of healthcare services, and an increasing number of tech-savvy consumers are the key factors boosting the market growth. Rising consumer preference for online purchases with an increased focus on convenience is also aiding the growth. The increasing adoption of digital technologies and e-commerce in the healthcare sector is anticipated to propel overall growth. In January 2022, Mark Cuban, the venture capitalist, launched a digital pharmacy that sells more than 100 generic pharmaceuticals at a low cost, to be radically transparent. ePharmacy offers easier access that significantly benefits chronic elderly patients from nuclear families, as well as patients that are not in a condition to go out.

Increasing penetration of smartphones is further aiding the market growth. As per The Mobile Economy 2020, smartphone penetration was 65.0% in 2019 and is expected to reach 80.0% by 2025. The boom in the healthcare sector coupled with high operational costs has created the need to cut operational costs with the implementation of ePharmacy solutions. The increasing prevalence of chronic conditions is leading to a rise in the demand for various healthcare products, including drugs. This signifies the increasing penetration of online modes of drug procurement across the globe.

Gather more insights about the market drivers, restraints, and growth of the Global ePharmacy market

The ePharmacy market increased by 38.0% from 2019 to 2020. High caseloads in countries coupled with regional lockdown had pushed consumers to adopt the ePharmacy platforms to order medicines online from the comfort of their homes, rather than visiting offline pharmacies and diagnostic centers. ePharmacy has gained significant growth during the pandemic owing to a rise in the number of government initiatives supporting the adoption of online purchase of medicines. The COVID-19 pandemic has led to an increase in the strategic initiatives by many market players.

The market will continue to grow post-pandemic, mainly owing to increasing adoption among consumers due to the convenience, affordability, and accessibility offered by these platforms. Increasing digitization and benefits associated with the adoption of ePharmacy over traditional pharmacies are anticipated to drive market growth in the coming years. Moreover, the second wave of the COVID-19 epidemic has prompted a spike in demand for medical gadgets, personal protective equipment (PPE), as well as health supplements, and frequently accessible medications in the ePharmacy market. High caseloads in cities, along with regional lockdowns, have prompted customers to purchase online rather than visit offline pharmacies and diagnostic centers, especially in big metros. 

Furthermore, the increasing geriatric population is expected to fuel the growth of the market. Ease of operation, increasing digitalization, and rising number of beneficiaries registering under Medicare are some of the factors supporting the growth. For instance, according to the data published by Kaiser Family Foundation in June 2021, the total enrollment in a Medicare Advantage plan is over 26 million people, accounting for 42.0% of the total Medicare population. In addition, high funding, increasing investments, and rising strategic initiatives being undertaken by several funding agencies, governments, and companies are contributing to the market growth.

Browse through Grand View Research’s Healthcare IT Industry Research Reports.

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ePharmacy Market Segmentation

Grand View Research has segmented the global ePharmacy market based on drug type, and region:

ePharmacy Drug type Outlook (Revenue, USD Million, 2017 – 2030)

• Prescription drug
• Over-the-counter drug (OTC)

ePharmacy Regional Outlook (Revenue, USD Million, 2017 – 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights

January 2019: The Zur Rose Group finalized the purchase of the e-commerce operations of medpex, Germany’s third-largest online pharmacy. With this move, the Zur Rose Group has greatly increased its market share in Germany.

Key Companies profiled:

Some prominent players in the global ePharmacy market include:

• The Kroger Co.
• Walgreen Co.
• Giant Eagle, Inc.
• Walmart, Inc.
• Express Scripts Holding Company
• CVS Health
• Optum Rx, Inc.
• Rowlands Pharmacy
• DocMorris (Zur Rose Group AG)
• Cigna Corporation (Express Scripts Holdings)
• Amazon, Inc.
• Axelia Solutions (Pharmeasy)
• Apex Healthcare Berhad (Apex Pharmacy)
• Apollo Pharmacy
• Netmeds

Order a free sample PDF of the ePharmacy Market Intelligence Study, published by Grand View Research.